Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to gather, record and analyse operating costs and data, prepare cost reports and budgets, and calculate the costs of products, services and other organisational activities. This unit may apply to job roles subject to licensing, legislative, regulatory or certification requirements so Commonwealth, State or Territory requirements should be confirmed with the relevant body. |
Application of the Unit
Application of the unit |
The unit has application to job roles such as accountants and financial analysts. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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FNSACC507A |
Provide management accounting information |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Gather and record operating and cost data |
1.1. Systems to generate cost and operating data and determine cost and operating standards are established 1.2. Data are systematically coded, classified and checked for accuracy and reliability in accordance with organisational policies and procedures |
2. Analyse data |
2.1. Costs are assigned to specified cost objects 2.2. Data are reconciled to ensure calculations are accurate and comply with organisational procedures 2.3. Variance analysis is used to review the effectiveness of the cost assignment process 2.4. Interpretation of revenues and costs is supported by valid analysis and is consistent with the organisation's objectives |
3. Prepare cost reports and budgets |
3.1. Cost information and organisational activities advice is sought from all sections of the organisation when formulating reports and budgets 3.2. Structure and format of reports and budgets are error free, comprehensive, clear and comply and conform to routine and ad hoc management information requirements 3.3. Comprehensive variances against budget and standards are identified, and prioritised for review and decision making |
4. Analyse cost reports and budgets |
4.1. Variances against budget are interpreted and discussed in consultation with relevant personnel in the organisation 4.2. Outcomes from variance reviews are assessed and recommendations made for further actions where required, including revisions to cost and activity standards 4.3. Cost and process information is reviewed for value adding and non-value adding activities, and recommendations made for further actions 4.4. Reports and budgets on specified products, services, projects, organisational units, customers, market segments and other cost objects are assessed against the organisation's objectives, and recommendations made for further actions |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the ability to:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
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Guidance information for assessment |
Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Systems may include: |
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Data may include: |
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Cost assignments may include: |
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Cost objects may include: |
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Reports and budgets may include: |
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Management information requirements may include: |
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Unit Sector(s)
Unit sector |
Accounting |
Competency field
Competency field |
Co-requisite units
Co-requisite units |
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